Have You Ever Tried to Sell a Diamond? is an interesting article from 1982 about the diamond trade & DeBeers.
Does anyone here own any diamonds? How much do you think they are worth? Have you ever had them appraised? Do you have a sentimental attachment to the stone/jewelery? If so how do you feel about the article's belief that the sentiment is just a product of an exceptional marketing campaign spanning many decades?
Have You Ever Tried to Sell a Diamond?
Well I've talked to someone who was advised to invest in gems. And when he wanted to sell them, it turned out that they weren't worth much. He lost a lot of money!
Also, newsletter writer Tom Gleason says “Do not buy diamonds for investment. I was trained to grade diamonds and found it frustrating and ambiguous. In the trade, there’s a huge spread between wholesale and retail. Dealers won’t buy from you – it’s a phony market." (The Gleason Report, March 2010)
Also, newsletter writer Tom Gleason says “Do not buy diamonds for investment. I was trained to grade diamonds and found it frustrating and ambiguous. In the trade, there’s a huge spread between wholesale and retail. Dealers won’t buy from you – it’s a phony market." (The Gleason Report, March 2010)
Completely phony market. Diamonds are more common than we are led to believe. DeBeers keeps a stranglehold on 80% or so of the market and makes it artificially high. Tons of fascinating stories and info on how corrupt and rigged the diamond market is. Old money families in Europe or as they are better known...nobles.
There are rumors of a giant diamond find in the middle of the U.S. That was quickly bought by Debeers and closed down 70-100 years ago.
Plus, an incredibly high percentage of diamonds on the market are blood diamonds. Basically, it's impossible to not buy them. Those guarantees of not being blood diamonds are BS.
There are rumors of a giant diamond find in the middle of the U.S. That was quickly bought by Debeers and closed down 70-100 years ago.
Plus, an incredibly high percentage of diamonds on the market are blood diamonds. Basically, it's impossible to not buy them. Those guarantees of not being blood diamonds are BS.
The whole concept of traditional diamonds is repulsive - a completely useless thing, bought for way too much money, mined in the most oppressive conditions. The idea that the ideal way to start a relationship is to spend thousands on a worthless stone, and that this waste of money is somehow romantic... makes me ill.
It's mindboggling to me that a woman would find wasting money on diamonds attractive (same goes for super-expensive weddings). You could use the money to put some money down on a house, or save for a future child's college fund, etc. That strikes me as more romantic, too, in a more practical sense - you're planning your life together rather than throwing cash down the drain.
On the other hand, artificial (cubic zirconium) diamonds are kinda cool, in a 'demonstrates the power of science/engineering' kind of way.
It's mindboggling to me that a woman would find wasting money on diamonds attractive (same goes for super-expensive weddings). You could use the money to put some money down on a house, or save for a future child's college fund, etc. That strikes me as more romantic, too, in a more practical sense - you're planning your life together rather than throwing cash down the drain.
On the other hand, artificial (cubic zirconium) diamonds are kinda cool, in a 'demonstrates the power of science/engineering' kind of way.
The diamond engagement I have was given to us by my Mother-in-Law. We did get a nice new setting for it. I do feel a strong attachment to this ring because it means so much to so many people. It's the symbol that counts, not how much it is worth. I would be happy with a Celtic band tattooed around my finger, I saw one once and it's my favorite wedding band ever.
I had another diamond ring once and got rid of it because I couldn't see the point. If I wanted more jewelry, I would probably buy something like a lab created sapphire in a silver setting. You can get something very beautiful and still intrinsically valuable for less than $50. Yeah, diamonds are a scam and it's awful.
I had another diamond ring once and got rid of it because I couldn't see the point. If I wanted more jewelry, I would probably buy something like a lab created sapphire in a silver setting. You can get something very beautiful and still intrinsically valuable for less than $50. Yeah, diamonds are a scam and it's awful.
I bought my first diamond engagement ring in 1986, a beautiful 1.5 carat round solitare in a traditional gold setting for $1400. The engagement didn't last. I got the ring back and sold it to another sucker for $1300. I bought my second engagement ring in 1993, a 1.0 carat, for $1000. Again, the engagement didn't last and I got the ring back. Last year, I took it to a local jewelry store but he wasn't interested in buying it.
I own a few pieces of diamond jewelery, all of which were inherited. When I received them about 15 years ago, I was told they had been appraised at around £6K for the set.
They have sentimental value, because they have been passed down through 4 or 5 generations. They are also a memento from an old family business that closed down decades ago.
I do like wearing them on special occasions, but I would not have purchased them myself. Retail prices are ridiculous and it is very much a matter of conspicuous consumption. De Beers have done an impressive job in creating a 'tradition' of giving diamond solitaire engagement rings, and of maintaining a large amount of control over the supply of diamonds. Like m741, I would rather spend money on more practical things.
They have sentimental value, because they have been passed down through 4 or 5 generations. They are also a memento from an old family business that closed down decades ago.
I do like wearing them on special occasions, but I would not have purchased them myself. Retail prices are ridiculous and it is very much a matter of conspicuous consumption. De Beers have done an impressive job in creating a 'tradition' of giving diamond solitaire engagement rings, and of maintaining a large amount of control over the supply of diamonds. Like m741, I would rather spend money on more practical things.
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Dum spiro spero
- Posts: 16
- Joined: Tue Aug 30, 2011 9:08 am
I'm getting married in 3 weeks and while I didn't buy my fiancee a diamond engagement ring (she ended up with an untreated purple sapphire ring (her favourite colour)), it certainly is hard to avoid the diamond industry. I felt very pleased that I'd been able to do so until she revealed that she would quite like a wedding band with diamonds!
Ah well, such is life...
I purchased the rings before I 'got religion' here on ERE. Total spend £1,800 ($2,880) on her. Still, as someone who isn't very materialistic, you'll be pleased to know that my own wedding band cost all of £19 ($30)
Can't say I think the costs involved were reasonable, but I'm marrying a lovely woman who normally doesn't care much for lavish spending, gauche displays of money and crap for its own sake. One ruinously expensive day is a price worth paying.
Ah well, such is life...
I purchased the rings before I 'got religion' here on ERE. Total spend £1,800 ($2,880) on her. Still, as someone who isn't very materialistic, you'll be pleased to know that my own wedding band cost all of £19 ($30)
Can't say I think the costs involved were reasonable, but I'm marrying a lovely woman who normally doesn't care much for lavish spending, gauche displays of money and crap for its own sake. One ruinously expensive day is a price worth paying.
Diamonds aren't worth much of anything because they can be manufactured. (DeBeers doesn't like to talk about this!)
A few years back, Nova did a good show on synthetic diamonds in the old Soviet Union.
Don't waste your money.
http://en.wikipedia.org/wiki/Synthetic_diamond
A few years back, Nova did a good show on synthetic diamonds in the old Soviet Union.
Don't waste your money.
http://en.wikipedia.org/wiki/Synthetic_diamond